Gitlab Inc. Files Q3 2024 10-Q

TL;DR

Gitlab's Q3 10-Q is in, check financials for latest performance.

AI Summary

Gitlab Inc. filed its 10-Q for the period ending October 31, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and business segments are presented, with the company's fiscal year ending January 31st.

Why It Matters

This filing provides investors with a crucial update on Gitlab's financial health and operational performance during the third quarter, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a software company, Gitlab faces risks related to competition, technological changes, and cybersecurity, which are typical for the industry.

Key Players & Entities

• Gitlab Inc. (company) — Filer of the 10-Q
• 2024-10-31 (date) — End of reporting period
• 2024-12-06 (date) — Filing date
• 2025-01-31 (date) — Fiscal year end

FAQ

Key Financial Figures

• $0.0000025 — stered Class A common stock, par value $0.0000025 per share GTLB The Nasdaq Stock Market

Filing Documents

• gtlb-20241031.htm (10-Q) — 2283KB
• gitlab-20241031xexx311fy25.htm (EX-31.1) — 11KB
• gitlab-20241031xexx312fy25.htm (EX-31.2) — 10KB
• gitlab-20241031xexx321fy25.htm (EX-32.1) — 5KB
• gitlab-20241031xexx322fy25.htm (EX-32.2) — 5KB
• 0001628280-24-050129.txt ( ) — 9960KB
• gtlb-20241031.xsd (EX-101.SCH) — 55KB
• gtlb-20241031_cal.xml (EX-101.CAL) — 109KB
• gtlb-20241031_def.xml (EX-101.DEF) — 359KB
• gtlb-20241031_lab.xml (EX-101.LAB) — 735KB
• gtlb-20241031_pre.xml (EX-101.PRE) — 540KB
• gtlb-20241031_htm.xml (XML) — 1503KB

Financial Information

PART I. Financial Information 5

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income (Loss ) 7 Condensed Consolidated Statements of Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements 12

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 52

Other Information

PART II. Other Information 54

Legal Proceedings

Item 1. Legal Proceedings 54

Risk Factors

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 96

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 97

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 97

Other Information

Item 5. Other Information 98

Exhibits

Item 6. Exhibits 99

Signatures

Signatures 100 1 Tabl e of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or this Quarterly Report, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements contained in this Quarterly Report other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "target," "plan," "expect," and similar expressions are intended to identify forward-looking statements.

Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about

Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about: our future financial performance, including our expectations regarding our total revenue, cost of revenue, gross profit or gross margin, operating expenses, including changes in operating expenses and our ability to achieve and maintain future profitability; our business plan and our ability to effectively manage our growth; our total market opportunity; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; market acceptance of The DevSecOps Platform and our ability to increase adoption of The DevSecOps Platform; beliefs and objectives for future operations; our ability to further penetrate our existing customer base and attract, retain, and expand our customer base; our ability to timely and effectively scale and adapt The DevSecOps Platform; our ability to develop new features and bring them to market in a timely manner; our incorporation of artificial intelligence features into our products; our expectations to grow our partner network; our ability to maintain, protect, and enhance our intellectual property; our ability to continue to expand internationally; the effects of increased competition in our markets and our ability to compete effectively; future acquisitions or investments in complementary companies, products, services, or technologies; our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally; the impact of any data breaches, cyberattacks or other malicious activity on our technology systems; economic and industry trends, projected growth, or trend analysis; 2 Tabl e of Contents the impact of macroeconomic conditions, including inflation, volatile interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns rela

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) GitLab Inc. Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) October 31, 2024 (1) January 31, 2024 (1) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 176,632 $ 287,996 Short-term investments 740,340 748,289 Accounts receivable, net of allowance for doubtful accounts of $ 891 and $ 673 as of October 31, 2024 and January 31, 2024, respectively 197,555 166,731 Deferred contract acquisition costs, current 34,518 32,300 Prepaid expenses and other current assets 43,120 45,601 Total current assets 1,192,165 1,280,917 Property and equipment, net 3,563 2,954 Operating lease right-of-use assets 444 405 Goodwill 16,131 8,145 Intangible assets, net 19,536 1,733 Deferred contract acquisition costs, non-current 17,248 19,317 Other non-current assets 3,552 4,390 TOTAL ASSETS $ 1,252,639 $ 1,317,861 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,224 $ 1,738 Accrued expenses and other current liabilities 51,821 286,178 Accrued compensation and benefits 27,274 35,809 Deferred revenue, current 383,183 338,348 Total current liabilities 464,502 662,073 Deferred revenue, non-current 14,138 23,794 Other non-current liabilities 3,776 14,060 TOTAL LIABILITIES 482,416 699,927 Commitments and contingencies (Note 14) STOCKHOLDERS' EQUITY: Preferred stock, $ 0.0000025 par value; 50,000 shares authorized as of October 31, 2024 and January 31, 2024; no shares issued and outstanding as of October 31, 2024 and January 31, 2024 — — Class A Common stock, $ 0.0000025 par value; 1,500,000 shares authorized as of October 31, 2024 and January 31, 2024; 140,528 and 114,670 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively — — Class B Common stock, $ 0.0000025 par value; 250,000 shares authorized as of October 31, 2024 and January 31, 2024; 21,555 and 42,887 shares issued and outstanding as of October 31, 2024 an

View Full Filing

View this 10-Q filing on SEC EDGAR